The Jammu and Kashmir government today hailed the Centre for extending industrial incentives to the state for 10 years, which had otherwise, stopped after the implementation of the Goods and Services Tax (GST), as excise duty had ceased to exist in the new tax regime.
"The extension in tax exemption will go a long way in promoting industrial growth and economic development in the state," Deputy Chief Minister Nirmal Singh said.
He said this is the first major incentive to the industrial sector of Jammu and Kashmir and other states after implementation of the GST.
The deputy chief minister also expressed gratitude to Union Minister for Industry and Commerce Suresh Prabhu for announcing the new scheme extending budgetary support as industrial incentives to Jammu and Kashmir.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)